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Waterfront · Condominium
$650,000$555 / sqft
720 NE 62nd St # 404, Miami FL 33138
Listed
2
Bedrooms
2
Bathrooms
1,172 sqft
Interior
2008
Year built
$1,589 / mo
HOA
Condominium
Type
About this home
IOS on the Bay is a beautifully designed 5-story, 43-unit boutique condominium built in 2008. Situated on the 4th floor, this spacious and thoughtfully laid-out residence offers over 1500sf of indoor and outdoor living with lush treetop and bay views from every room. A standout feature is the expansive, deep balcony that spans the entire length of the unit. Covered by the building’s architectural overhang, it creates a true indoor-outdoor living experience, ideal for relaxing or entertaining year-round. Interior highlights include large-format tile flooring, high ceilings, floor-to-ceiling pocket doors, walk-in closets, and a large primary bathroom with a glass rain shower. The unit also includes a private storage locker and two parking spaces. The building features a bay front pool overlooking Biscayne Bay, a well-appointed resident gym, and on-site property management. Located east of Biscayne Blvd and directly on Biscayne Bay, IOS is nestled in Miami’s historic MiMo District, with direct access to the Morningside neighborhood and Morningside Park. Enjoy being just steps from a variety of restaurants, shops, the Farmers Market, and entertainment options.
Features
- Cooking Island
- Split Bedroom
- East Of Us1
- Open Balcony
- Bay
- Skyline
Leasing
- Minimum lease
- 30 days
- Leases permitted per year
- 3
Run the numbers
We fill in the price and the building's HOA dues. That leaves tax, insurance and maintenance — they depend on your exemptions, your insurer and the unit, so we don't guess them. Rent starts from what comparable units are asking nearby. Vacancy and the loan terms below start at common defaults; change them.
Median asking rent for 2-bed rentals across Miami-Dade, from 200 active listings; the middle half ask $2,350–$5,000.That is what landlords ask, not what units let for — edit it if you know better.
Our default, not a market figure
From the listing
Depends on assessed value & exemptions
Varies widely by building
Repairs, turnover, management
Cap rate
Cash-on-cash
Monthly cash flow
Net operating income
Enter property tax, insurance, maintenance to see the returns. A cap rate calculated without every cost overstates the deal — often by half — so we don't show a partial one.
Illustration only — not a loan offer, quote, or investment advice. We are not a lender and neither offer nor arrange financing. The loan fields start at 20% down over 30 years at 6.5% (rates as of July 2026); that is a nominal rate for illustration, not an APR, and your actual terms will differ. Cap rate is unlevered; cash-on-cash counts the down payment as invested capital and excludes closing costs.
Listing data from the MIAMI Association of REALTORS® (MIAMIRE) IDX program. Information deemed reliable but not guaranteed. Demo data shown for layout purposes.